Grab-led GXBank rolls out beta app in Malaysia for select users

GXBank CEO Pei Si Lai / Photo credit: GXBank

GXBank, the Grab-backed Malaysian digital bank, is rolling out its beta app to 20,000 selected users.

During the beta phase, users gain access to GXBank Savings Accounts. They can also create up to 10 “Pockets,” which serve as targeted savings goals.

Money deposited in these “Pockets” earn daily interest of up to 3% per annum, allowing users to track their progress and receive tips to help them reach their savings goals faster.

GXBank was formed by a consortium consisting of GXS Bank – the Singapore-based digibank from Grab and Singtel – as well as a clutch of Malaysian investors, including local conglomerate Kuok Group. The Malaysian digital bank aims to provide services to unbanked and underserved individuals as well as MSMEs.

GXBank, which is licensed by Bank Negara Malaysia, assures users that deposits are protected up to 250,000 ringgit (US$53,000) by government-backed insurance firm Perbadanan Insurans Deposit Malaysia.

“As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations,” GXBank said in a statement.

Other licensed digibanks in Malaysia include those from consortiums created by Sea Group, Boost Holdings, Aeon Credit, and KAF Investment Bank.

See also: Are Grab’s and GoTo’s fintech strategies diverging?

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.72 ringgit